“The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults.”
– Alexis de Toqueville, Democracy in America, 1835
“We can always count on the Americans to do the right thing, after they have exhausted all the other possibilities.”
– Winston Churchill
With the first half of 2013 behind us, I’m writing to summarize market developments since the start of the year and to share my thoughts on positioning portfolios for the period ahead. First though, a quick recap of the first half of 2013…..